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re: 10/1 7/1 5/1 ARM Question Concerning Construction/Mortgage
Posted on 5/30/14 at 8:45 am to BeerMoney
Posted on 5/30/14 at 8:45 am to BeerMoney
Do you want to sell in 5yrs or have to refi?
If not why would you choose the 5yr ARM to get maybe a .5% better on rate which is probably 50 more in payment
7yr arm is the better program of the 3
If not why would you choose the 5yr ARM to get maybe a .5% better on rate which is probably 50 more in payment
7yr arm is the better program of the 3
1
Posted on 5/30/14 at 10:07 am to SDVTiger
quote:
Do you want to sell in 5yrs or have to refi?
Well according to the loan officer after I finish building in say 6 months then we all come back to the table and sign me in to a permanent mortgage based on whatever the current rate is. So the mortgage will no longer be adjustable if I understand her right. It'll just be whatever the rate is at that 10 seconds.(4-4.5%)
So if I'm communicating this well to you guys; My confusion is that the 10/7/5 year periods never happen since the construction takes 6 months then it gets modified in to a permanent non-adjustable mortgage.
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